Crime Insurance / ERISA Bond

Any organization can be the target of crime

Employee theft, forgery, robbery, embezzlement, or cybercrime—even with strong internal protocols and security measures in place. The resulting financial losses can add up quickly.

B. F. Saul Insurance will recommend a commercial crime insurance policy that includes coverages like these, depending on your needs:

• Dishonest employees and external fraudsters
• Theft, damage, or destruction of money, securities, or other property on your premises or in transit
• Forgery or alteration of negotiable instruments, including signature forgery on business checks
• Fraudulent computer system manipulation, including transferring funds to an outside account
• Receipt of counterfeit currency
• Social engineering fraud

We often add Employee Retirement Income Security Act (ERISA) bond coverage to a crime policy to ensure that employee benefit plans—such as 401(k), profit sharing/pension, medical, dental, life, and disability plans—aren’t ignored as entities with a crime exposure, in keeping with ERISA requirements. This is critical since the employee benefits liability coverage within a general liability policy or ERISA fiduciary liability insurance (also called pension trust liability) do not satisfy the ERISA requirements for crime insurance.